News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/eqklbOEJMa
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/p9Pkkbo2zf
  • The docket thins out over the coming week, but there are a few serious market highlights that can make for some interesting opportunities in the week ahead. $GBPUSD has the technical chops and fundamental confluence (US CPI, UK GDP, etc) https://www.dailyfx.com/forex/video/daily_news_report/2021/05/08/Dollar-Tumbles-Dow-Hits-Record-Highs-and-Dogecoin-Traders-Tune-In.html https://t.co/BMUQ0xVOge
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/nBfJcptUDK
  • Dogecoin continues to trade higher with explosive energy, attesting to the cryptocurrency's new clout. Meanwhile, Bitcoin and Ethereum sink. Get your market update from @FxWestwater here:https://t.co/ohw714KqB2 https://t.co/EWxKoQykv1
  • Natural gas prices moved higher, capturing a long-term trendline that could support the heating commodity's price in the coming weeks as colder temps support fundamental side. Get your market update from @FxWestwater here:https://t.co/tGUDJE9hn0 https://t.co/nROsrJa1sv
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
Forex: Euro Looks to PMI, GDP Data to Set Stage for ECB Meeting

Forex: Euro Looks to PMI, GDP Data to Set Stage for ECB Meeting

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro May Fall if Soft PMI, GDP Data Stoke ECB Easing Speculation
  • Australian Dollar Falls as 3Q GDP Disappoints, Kiwi Dollar Follows
  • US Dollar Eyes ISM Data, Beige Book to Shape Fed QE “Taper” Bets

Get Real-Time Feedback on Your Trades with DailyFX on Demand!

All eyes are on the Euro as a round of critical economic releases sets the stage for the ECB monetary policy announcement later in the week. First, the final revision of November’s Eurozone Composite PMI is expected to confirm manufacturing- and service-sector growth slowed for a second consecutive month, yielding the weakest performance since August. Next, a second look at third-quarter Eurozone GDP is forecast to maintain that output grew 0.1 percent, a slowdown compared with the 0.3 percent increase recorded in the three months through June. Soft outcomes are likely to stoke speculation about further easing after last month’s unexpected ECB rate cut, weighing on the single currency.

Later in the day, the spotlight turns to the US economic calendar. November’s ISM Non-Manufacturing Composite gauge and the ADP Employment measure for the same period are on tap. The former is expected to show a slight slowdown in service-sector activity while the latter suggests private-sector hiring accelerated from the prior month. The Federal Reserve Beige Book survey of regional economic conditions is likewise due to be released. On balance, traders will look to the aggregate tone of these releases to shape speculation about the timing of the Fed’s first move to “taper” QE3 asset purchases, with a broadly positive tone likely to boost the US Dollar (and vice versa).

The Australian Dollar underperformed in overnight trade, falling as much as 1 percent on average against its leading counterparts, following a disappointing set of third-quarter GDP figures. Output grew 0.6 percent from the prior quarter, falling short of forecasts calling for a 0.7 percent increase. The year-on-year growth rate slowed to 2.3 percent, undershooting economists’ bets on a 2.6% result. The outcome weighed against the outlook for RBA monetary policy, fueling speculation about the resumption of interest rate cuts. The New Zealand Dollar followed its Australian namesake lower as a slowdown in the island nation’s top trading partner threatened local export demand, which may reduce scope for RBNZ tightening next year.

New to FX? START HERE!

Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

21:45

NZD

Value of All Buildings s.a. (QoQ) (3Q)

1.4%

4.8%

-0.6%

22:30

AUD

AiG Performance of Service Index (NOV)

48.9

-

47.9

0:01

GBP

BRC Shop Price Index (YoY) (NOV)

-0.3%

-

-0.5%

0:30

AUD

GDP (QoQ) (3Q)

0.6%

0.7%

0.7%

0:30

AUD

GDP (YoY) (3Q)

2.3%

2.6%

2.4%

1:45

CNY

HSBC/Markit Services PMI (NOV)

52.5

-

52.6

Euro Session:

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

8:15

CHF

Industrial Output (YoY) (3Q)

0.7% (A)

-1.1%

Low

8:45

EUR

Italian PMI Services (NOV)

50.4

50.5

Low

8:50

EUR

French PMI Services (NOV F)

48.8

48.8

Low

8:55

EUR

German PMI Services (NOV F)

54.5

54.5

Medium

9:00

EUR

Eurozone PMI Services (NOV F)

50.9

50.9

Medium

9:00

EUR

Eurozone PMI Composite (NOV F)

51.5

51.5

Medium

9:30

GBP

PMI Services (NOV)

62.0

62.5

Medium

9:30

GBP

Official Reserves (Changes) (NOV)

-

-$208M

Low

10:00

EUR

Eurozone GDP s.a. (QoQ) (3Q P)

0.1%

0.1%

High

10:00

EUR

Eurozone GDP s.a. (YoY) (3Q P)

-0.4%

-0.4%

High

10:00

EUR

Eurozone Household Consumption (QoQ) (3Q P)

0.1%

0.1%

Low

10:00

EUR

Eurozone Gross Fixed Capital (QoQ) (3Q P)

0.2%

0.2%

Low

10:00

EUR

Eurozone Government Expenditure (QoQ) (3Q P)

0.1%

0.4%

Low

10:00

EUR

Eurozone Retail Sales (MoM) (OCT)

0.1%

-0.6%

Medium

10:00

EUR

Eurozone Retail Sales (YoY) (OCT)

1.0%

0.3%

Medium

Critical Levels:

CCY

SUPP 3

SUPP 2

SUPP 1

Pivot Point

RES 1

RES 2

RES 3

EURUSD

1.3395

1.3485

1.3537

1.3575

1.3627

1.3665

1.3755

GBPUSD

1.6212

1.6302

1.6346

1.6392

1.6436

1.6482

1.6572

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES